Your Favorite Chicken Sandwich Shows How Markets Iterate
Your Favorite Chicken Sandwich Shows How Markets Iterate
Critics often scoff at the market economists’ claim that competition fosters relentless innovation. A recent meme points to the ubiquity of chicken sandwiches across major fast food chains as supposed evidence of stagnation in capitalism. If twelve top firms offer a similar product, the argument goes, how innovative can an economic system truly be? But...